Elliott points out to the 9-day moving average to cap Dollar recovery: Bouncing slowly from a low at 91.94 yesterday, ahead of July's low at 91.73. With a little luck the nine-day moving average will again limit highs leading to a concerted downside test late today.

On the downside, Elliott watches 91.50 area as key for bears: A break below 91.50, possibly with a gap lower over the weekend, should see implied at-the-money volatility increase significantly and increasing bearish momentum.